The Economic Consequences of Mr. Churchill by John Maynard Keynes - 1925

London: Hogarth Press, 1925. First edition. Paperback. Winston S. Churchill was larger than life not only in his deeds and statements, but also in the criticism he attracted. This 1925 pamphlet is a convocation of socio-political and literary luminaries. This is the first edition, only printing of a sharply critical publication authored by none other than John Maynard Keynes and published by Virginia and Leonard Woolf's Hogarth Press.

The pamphlet is bound in gray-green card wraps, wire-stitched, measures 8.5 x 5.5 inches (21.6 x 14 cm), and is 32 pages in length. This is a particularly clean copy of a fragile publication seldom found in such well-preserved condition, clean and complete. The green wraps are firmly attached with no loss, tears, or creases, both original binding staples intact. The only defect of note is toning, uniform to the front cover, and to a vertical strip of the rear cover along the spine. The contents are clean and bright with no previous ownership marks. Trivial spotting is confined to a few instances in the blank inner margins. The original binding staples show some rust and adjacent staining at the pp. 16-17 gutter.

At the time of publication, Churchill served as Chancellor of the Exchequer – a post he held from November 1924 to June 1929. John Maynard Keynes, Baron Keynes (1883–1946) was, at once, “philosopher, economist, editor, pamphleteer, company chairman, college bursar, patron of the arts and intimate friend of writers and artists, government spokesman and adviser.” Nonetheless, “It is primarily as an economist that Keynes is remembered” and in which his influence is most conspicuously manifest. It is as an economist that Keynes assails Churchill, though certainly with more political authority than that to which most economists are accustomed.

In this pamphlet, Keynes powerfully critiques Churchill's direction of Britain's economy, with particular emphasis on Churchill's decision to return Britain to the gold standard. Of note, Keynes predicted disruption to industry and employment, devoting a 5-page chapter to analysis of the coal industry and predicting a coal strike. In 1926 Keynes' prophesy was validated by the General Strike, which saw Churchill articulate the Government's position as editor of the 8 important issues of the British Gazette.

Reference: Zoller A10